Asia Pacific Polylactic Acid Market Forecast 2019-2028
The Asia Pacific polylactic acid market is estimated to register a CAGR of 13.06% in terms of revenue over the projected period, 2019-2028. The market is evaluated to witness considerable growth at a CAGR of 15.03% in terms of volume. The application of polylactic acid in biomedical for packaging of drugs, and in electronic industry to make parts of television, smartphones, and other electronic products, and the textile industry is influencing the demand for polylactic acid in the region.
The Asia Pacific polylactic acid market growth is analyzed by segregating the region into Japan, South Korea, Indonesia, India, Thailand, Australia & New Zealand, Vietnam, China, and the rest of Asia Pacific. Indonesia’s packaged food market continued to develop positively in 2019, due to rising disposable income, growing middle-income households, and consumer’s interest in experiencing new products. Indonesia has become the second-largest producer of motor vehicles within the ASEAN. In Thailand, the packaged food & beverage demand will stimulate the growth of the market. Thailand’s auto export growth makes up for about 60% of automotive sales. Thailand is considered one of the world’s most competitive destinations for high-quality and affordable medical care. In countries like Vietnam, packaged food value and volume growth rates in 2019 outnumbered the previous year volume. Vietnam’s automobile industry has grown rapidly in recent years. The Australia food & beverage processing sector is a significant contributor to the country’s economy. New Zealand is a major food and beverage exporter. Australia is a developed and competitive market, and there is a demand for a full range of innovative medical equipment. In New Zealand, healthcare is of high quality and largely subsidized to all its citizens. In the rest of Asia Pacific, the countries are increasingly involved in economic development activities, which will ultimately drive the polylactic acid market.
Some of the prominent companies functioning in the market are Mitsubishi Chemical Corporation, Total -Corbion PLA, Zhejiang Hisun Biomaterials Co., Ltd, Innovia Films, ThyssenKrupp AG, etc.
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